Fact Pattern 16-2

question 14

Multiple Choice

Fact Pattern 16-2
Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn, indorses it to Mona, who then in¬dorses it to Nat, the present holder.


-Refer to Fact Pattern 16-2.Nat properly presents the note to Jake for payment,but Jake dishonors it.With timely notice to the proper parties,Nat may collect payment on the note from

• A)Kim,Lou,or Mona.
• B)Kim or Lou only.
• C)Mona only.
• D)no one.

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Definitions:

Lumber

Wood that has been processed into beams and planks, a stage in the process of wood production.

Abstractions

A concept, idea, or philosophy that is detached from any specific instances or material entities.

General Ideas

Broad and abstract concepts or thoughts not specific to any particular instance.

Specialized Skills

Abilities or expertise in specific areas that set individuals apart from others, often acquired through training or extensive practice.